It would be great if Launchy could support camel-case when finding a hit.
For example, if I want to start Remote Assistance, I currently type 'remote a' before it comes up. My suggestion is to allow the user to type 'RA' to find the item. This corresponds to the initials of the item. A very common use for this would be program files that add a company name to the item (e.g. Adobe Photoshop and Adobe Reader, or Microsoft Word and Microsoft Access).
A very functional example of how this works can be found in the eclipse JDT, which lets you quickly find classes via keystroke using a similar mechanism as Launchy. I believe it's case-insensitive when the user types in lowercase, but it switches to camel-case searching when the user types in caps.